Qotto, Raises $8 Million Series A To Expand To Ivory Coast

Qotto, the 2016-founded company manufactures and sells standalone solar kits and lamps to residents of Africa’s least-electrified regions.

Qotto offers its products through a pay-to-own business model to people in Sub-Saharan Africa who are off the grid due to insufficient national power grids.

For Ivory Coast, due to its consistent pace of development relative to the broader West Africa region, and after having tested and optimised operations and services in Benin and Burkina Faso, Qotto is well prepared for a market entry.

Jean-Baptiste Lenoir, Co-Founder and President Qotto, 2023 [Qotto]

According to the author, the consumer who had the opportunity to test a Qotto product in the country expressed a need for and a desire for Qotto to enter the Ivory Coast market.

According to Qotto, IBL is also developing an expansion strategy for East Africa as a result of a collaboration and agreement to provide off-grid solutions in the region.

READ MORE: How To Make Money Online In Nigeria As A Student In 2024

By September 2023, the expansion will coincide with IBL’s plans to “strengthen its position in East Africa and to develop its exposure to renewable energies.”

Qotto has submitted an expansion bid following the announcement of plans to provide a number of new goods, including internet hotspots, micro-insurance, micro-credit, micro-savings products, and other critical services.

Furthermore, the company intends to place its internet hotspots in congested areas such as shops, restaurants, and bars.

Qotto’s revenue has increased by 50% year on year. It had 11,000 active clients at the end of last year, and if its expansion plans come true, that figure is expected to more than quadruple by the end of this year.